Best time to submit notice and AFPS claculator

navyguy1965

Hi

I am going to submit notice to leave after 28 years service. I intend to submit notice on the 1st april that means i will leave the navy on 1st April 2010. The reason behind this is that I will move onto a new incremental payband and therefore have a larger lump sum and annual pension. Are there any other dates that I should consider submiiting notice to maximise my lump sum and annual pension e.g the start of the new tax year. I am on AFPS 05

Also is the AFPS calculator accurate ?

Alias_Omega

Need to really speak to a pensions advisor familiar with forces pensions on this, and not really people from the internet.

The wrong choice could cost you alot of £££.

tartanterra

I am doing the same as you, albeit after a mere 23 years!
I will be going to the White Ensign Association for advice. If you are unaware of them, their mission statement is:

[FONT=Arial, Helvetica, sans-serif]Our mission, as a Naval charity, is to inform and provide guidance to all Service and ex-Service personnel of the Royal Navy and Royal Marines, and their Reserves, on:[/FONT]

[FONT=Arial, Helvetica, sans-serif]personal administration and finance
and
resettlement and employment[/FONT]

[FONT=Arial, Helvetica, sans-serif]on an unbiased, confidential and free basis.[/FONT]

Hope this helps. They were recommended to me by a good (ship!)mate who found them useful when he went outside. I've had a look at their website, and they seem to be quite swept up.:D

Regards,

TARTANTERRA

navyguy1965

tartanterra wrote: »

I am doing the same as you, albeit after a mere 23 years!
I will be going to the White Ensign Association for advice. If you are unaware of them, their mission statement is:

[FONT=Arial, Helvetica, sans-serif]Our mission, as a Naval charity, is to inform and provide guidance to all Service and ex-Service personnel of the Royal Navy and Royal Marines, and their Reserves, on:[/FONT]

[FONT=Arial, Helvetica, sans-serif]personal administration and finance[/FONT]
[FONT=Arial, Helvetica, sans-serif]and[/FONT]
[FONT=Arial, Helvetica, sans-serif]resettlement and employment[/FONT]

[FONT=Arial, Helvetica, sans-serif]on an unbiased, confidential and free basis.[/FONT]

Hope this helps. They were recommended to me by a good (ship!)mate who found them useful when he went outside. I've had a look at their website, and they seem to be quite swept up.:D

Regards,

TARTANTERRA

Hi m8 thanks for that had a tip you may need to think about I was going to submit notice on 1st april to get the new pension increases but if I submit notice on the 1st april it means my TX date will be 31st March so I will not get the 1st april pension increase so i will just delay by a day and submit notice on the 2nd April to make my TX date Ist April just

Hope this helps

tartanterra

navyguy1965 wrote: »

Hi m8 thanks for that had a tip you may need to think about I was going to submit notice on 1st april to get the new pension increases but if I submit notice on the 1st april it means my TX date will be 31st March so I will not get the 1st april pension increase so i will just delay by a day and submit notice on the 2nd April to make my TX date Ist April just

Hope this helps

GOOD POINT! Will probably wait until after Easter leave, as I "owe" the RN a few days anyway!:rolleyes:

jungli_jim

Look at the begining of May 2010 3rd (Mon) and 4th (Tue) are BH so stick your notice in on 5Th May this year.
That way you'll get paid for the Sat Sun Mon Tue May 2010.

Not to sure about going on the 1st April when i went to resettlemtment they advised the above and going in the end of April as being optimium date. :j

As for APFS calculator accurate to date which does not include this years and next pay rises.

CHR15

I was just going to say about the 1 April thing. I waited until 7 April to be safe.

there are some interesting facts and figures about Pensions showing some odd historical data.

I have forgotten the detail but it does mention that historically, even waiting for a higher rate of pay (and therefore a higher pension) leaves you with LESS money over a number of years than if you had gone out on less money!

There were some wonderful graphs to show the ups and downs of leaving at different periods.

Weird. It was explained during the CTW so a bit too late for anyone to benefit of course.

I'm sure the White Ensign could help explain it (but would it make you stay in for an extra year??? Nah! )

navyguy1965

jungli_jim wrote: »

Look at the begining of May 2010 3rd (Mon) and 4th (Tue) are BH so stick your notice in on 5Th May this year.
That way you'll get paid for the Sat Sun Mon Tue May 2010.

Not to sure about going on the 1st April when i went to resettlemtment they advised the above and going in the end of April as being optimium date. :j

As for APFS calculator accurate to date which does not include this years and next pay rises.

Good point m8 will bear that in mind

NewbieMoneySaver**

For an accurate pension total for when you leave you can contact them on:

Triservice Pensions
SPVA
Mailpoint 480
Kentigern House
65 Brown Street
Glasgow
G2 8EX


Hope this helps

navyguy1965

NewbieMoneySaver** wrote: »

For an accurate pension total for when you leave you can contact them on:

Triservice Pensions
SPVA
Mailpoint 480
Kentigern House
65 Brown Street
Glasgow
G2 8EX


Hope this helps

Cheers m8 thanks for that

NewbieMoneySaver**

No problem. Had the address because a family member needed it.